Trump tax calculator: Estimate what you may pay under the new plan

MarketWatch ^ | Nov 3, 2017 | By MarketWatch News Graphics

[Jim Robinson]

The House 'Tax Cuts and Jobs Act' has been released. Here are the core elements of the plan.*

[virgil]

Me too. My taxes are going to go way up. Don’t like it.

[Mears]

The category most of my kids are in will stay the same—mine will go up a tad.

.

[Jim Robinson]

Well, I doubt anyone is going to file his taxes with that calculator. Like the other poster stated above, my tax guy will do better.

This was just a starting point comparison with gross numbers and standard deduction.

[The FIGHTIN Illini]

BFL

[madison10]

Ours went down. If all is correct we will break even, or get a tax return for the first time in a long time.

We are also mostly retired. We work at jobs, really, to pay the taxes

[napscoordinator]

That is true. I don’t do mine and I was going by the calculator. Good point.

[central_va]

hey +300 better than -300!

[NewJerseyJoe]

I'm in one of the high SALT states. I used my numbers from last year's taxes for this. I was surprised to learn that, using the standard deduction in this new proposal, I would have kept about $800 more of my money. Not as good as others are going to see, but -- considering that I thought I'd end up paying more -- not too bad.

When I ran the numbers using the Itemize option, it was still less than I paid last year, but only about a $600 benefit for itemizing.

[central_va]

You must make a lot of money.

[central_va]

I am pretty sure your income is you AGI.

[nopardons]

The top several.

There is now a FIFTH bracket for those making over $1,000,000 and the ones before it ( 3 or 4 of them ) are off.

Also, these figures are not retroactive, so everyone's 2017 fillings will be computed on the tables of today AND these tables are in flux ( meaning that many of them go up/people in lower brackets get bumped up to a higher one, each year after 2018) in the succeeding years.

[nopardons]

It’s a damned MESS, as it stands now and the only entities who make out like bandits, are the corporations and those who either pay NO Fed taxes or a teensy bit...they get a BIG raise in the unearned income remittance.

[nopardons]

No, he must earn LESS than you are assuming!

[robroys woman]

i go from 25 to 12. This is why i moved to a low cost of living state.

[mass55th]

Thanks for your reply. I found a link to the Bill, and used word search for social security, but didn’t find anything pertinent to what I’d asked, so I assumed I’d use my AGI. I’m not holding my breath though. I’d be getting a bit more back, but never count on anything when it comes to the government.

[therut]

Make sure you take off your IRA or 401 contributions and use that as your income to be taxed. Looks like I save 15,000. Much easier and better with the increased personal deduction.

[aMorePerfectUnion]

After reading the responses from this thread, FReepers need to quit paying taxes.

[central_va]

Just use your last years reported AGI.

[EarlyBird]

Holy crap! That’s almost a $3000 savings for me!

Maybe won’t be that much, since I’m head of household, and this calculator didn’t have that option. But usually my filing status is about the same as married. Good news if this holds!

Thanks, Jim! Happy belated birthday!

[between_the_lines_mn]

Well the “calculator” has the child credit all messed up. I put 2 eligible children into the calculator and it subtracted 1900, should have been 3200. So Married with two young kids is off by 1300.